According to the popular home search website Trulia, in 72 % of the largest U.S. Markets which compares median home sales prices to the median rental rates, it is actually cheaper to own.
This follows the law of supply and demand as the demand for rentals increases, so to does the rental rates. Of course, this is true in some markets and not in others, so it is worth investigating to see what your best options are. Why rent if you can own for the same or less? You should start with speaking to a mortgage lender or a REALTOR to get a clear picture of your situation.